Monday, February 21, 2011

Day Wrap-Up

American markets were closed on President's Day, resulting in a very slow day with no majors changes other than the spike in commodities. Metals continued to rally, while heavy buying on Oil led prices to soar by more than 6% past $90/bbl as tensions in the Middle-East worsen.

Asian session – Majors hover around NY closing levels

It was another quiet session in Asia, with majors moving in a torturous sideways fashion around its NY closing levels. EUR/USD made a high at 1.3724 but lack of follow through led the pair to retreat towards 1.3667. AUD/USD pared Friday's gains on profit taking, ending at 1.0115.

Regional bourses -0.5% on average. Oil rose almost 1% on increased tensions in Libya, where hundreds were feared dead. Angela Merkel’s CDU had a rout on Hamburg state elections. Two Irish banks were to blame for the last week's spike in ECB emergency borrowing. UK house prices were up 3.1% MoM. Japanese PM continued to lose popularity according to the latest surveys.

European session – Commodities rise on concerns

EUR/USD settled at 1.3675 by session end,  effectively unchanged on the day. We did rally to 1.3700 but lack of momentum undermined any hopes to witness a break-up. GBP/USD tailed off at 1.6220, slightly lower. The rest of pairs were virtually unchanged.

Gold skyrocketed to $1,406 while silver resumed uptrend to a new 31-yr high at $33.88. The Loonie was substantially higher as Oil went ballistic, rising more than 6% on Middle East social unrest.

Euro zone February manufacturing PMI 59.0, up from 57.3 in January. Ifo February German business climate index 111.2,  better than median forecast 110.3.

source: http://www.fxstreet.com

20 comments:

  1. I'm looking to get into stocks, going to keep following you learn some info

    ReplyDelete
  2. damn i should start investing in gold soon

    ReplyDelete
  3. I actually made some money today!

    ReplyDelete
  4. Interesting. president's day is awesome! no school!

    ReplyDelete
  5. wow i knew i should have bought gold.

    ReplyDelete
  6. Thanks for the info! always nice to know :)

    ReplyDelete
  7. I can't believe gold has gotten so high.. the pound has rebounded quite a bit, too.

    ReplyDelete
  8. Gold is at $1,406 now?!? I remember when it was a steady $300-$350 during almost all of the 90's.

    ReplyDelete
  9. I really hope oil prices come down. I'm getting priced out of gas.

    ReplyDelete
  10. gold i need that and yeah gas here in california is no joke 3.55+ at the pump

    ReplyDelete
  11. Seems like a normal day, doesnt it?

    ReplyDelete
  12. Commodities on the rise and no talk of Canada? No love for us!

    ReplyDelete
  13. As long as this doesnt ends in a bad effect to my game shopping, I'm ok! :D

    ReplyDelete
  14. You should've been investing in gold for over a year :D

    ReplyDelete
  15. gosh i should buy gold, its always up

    ReplyDelete